CORTLAND, Ohio – Cortland Bancorp, holding company of Cortland Bank, reported Thursday a second-quarter net income of $1.2 million, or 26 cents a share, compared to first-quarter net income of $1.0 million, or 23 cents a share, and $1.2 million, or 27 cents a share from the year-ago quarter.
Cortland also announced its board declared a cash dividend of eight cents per share payable Sept. 1 to shareholders of record Aug. 10.
In a prepared statement, the president and CEO, James M. Gasior, said, “As we act on our strategic business banking and commercial lending growth initiatives and begin to gain traction in new markets, we remain focused on producing positive earnings results. In fact, we have achieved solid financial results in the second quarter, driven by strong deposit and loan growth.”
Key performance ratios for the quarters ended June 30, March 31 and June 30, 2016:
- Return on average equity, 7.98%, 6.94%, 7.97%.
- Return on average assets, 0.74%, 0.63%, 0.78%.
- Net interest margin, 3.56%, 3.52%, 3.77%.
- Efficiency ratio, 73.70%, 76.63%, 73.84%.
Total loans grew to $409.8 million, or 7%, from $384.1 million from the year-ago quarter.
Average assets June 30 were $634.7 million compared to $602.7 million June 30, 2016.
Net interest income remained flat at $5.0 million compared to the year-ago quarter.
The allowance for loan losses as a percent of total loans was 1.18% compared to 1.22% in the first quarter and 1.27% in the year-ago quarter.
Non-interest or operating expense (includes salaries and employee benefits, rents, data processing, marketing and Federal Deposit Insurance Corp. premiums) was $4.7 million for both second quarter of 2017 and 2016.
Average total deposits climbed to $531.0 million, 9% higher than the $488.6 million reported in the year-ago quarter.
SOURCE: Cortland Banks
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.